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Newsletter – Latest updates in Conveyancing

20 January, 2019

REAL Networking

Whether you’re in the Real Estate Industry, either professionally or a trade, come join REAL networking. A new networking group for the industry and the public to check out the different industries to try to help you get into the market. On the first Friday of every month, at 12pm, there’s a lunch time meeting to get involved and help spark the real estate industry in Newcastle. Whether you’re looking for investment property, a first home buyer, or looking for information for a retirement village, check out REAL Networking by clicking here

First Home Buyers Assistance

13 January, 2019

If you believe that you are eligible for the First Home Buyer’s Stamp Duty Assistance Scheme, you should immediately advise your conveyancer.

As from 1 July ,2018, a huge change in the registration process took place. All standalone Transfers and Caveats will be required to be registered via the online eConveyancing settlement platform. You must contact an authorised electronic settlements provider, i.e. licensed conveyancer, to enable this registration to take place.

14 January, 2018

The conveyancing industry is slowly moving into electronic conveyancing. A revolution in conveyancing. Further simplifying the process, limiting costs and providing much more flexibility to the transaction than ever before.

The industry has been phasing into eConveyancing in stages with the banks entering the first settlements with financial only transactions to “iron out” any early glitches and transfer of title and sale and purchases now being effected routinely. We will see a full transition to eConveyancing with 1 July, 2019 being the date when electronic conveyancing will become compulsory.

Concept Conveyancing has already been enacting electronic settlements in order to be able to provide our clients the most updated, convenient and cost-effective service possible.

1 January, 2018

The Office of State Revenue has changed their name to Revenue NSW.

From 1 July, 2017 Revenue NSW began a new scheme for first home buyers, called the First Home Buyers Assistance Scheme.

Neither yourself nor a spouse or de facto ever previously received a concession or exemption under any other first home benefit scheme.

Must occupy the home continuously for at least six months, within 12 months of settlement (a member of the armed forces may be exempt from this provision).

Exemption from stamp duty up to purchase price of $650,000.

Concession on stamp duty on a sliding scale of purchase price from $650,000 to $800,000.

Vacant land for building a home thresholds are exemption up to $350,000 and concessions between $350,000 to $450,000.

The property being purchased can be brand new or an existing property, having been lived in previously.

For more information on the First Home Buyer’s Assistance Scheme Click Here

The First Home Owners Grant provides a grant for an eligible property/purchaser of $10,000. Currently, the threshold for a new eligible home for the Grant is $600,000. For a property where you enter into a contract to build, or are an owner builder the total value of the land and the build, cannot exceed $750,000.